Issuer support services

ABSTRACT

A process, residing on a server, provides issuer support services to a financial market. A compliance process reviews issue and issuer data and filing and financial data, which is received from a first data source and concerns a specific issuer and one or more securities issued by the specific issuer, to determine if the specific issuer is in compliance with the listing requirements for the market on which the one or more securities are traded. The compliance process generates compliance data indicative of the specific issuer&#39;s state of compliance.

RELATED APPLICATIONS

[0001] This application claims the priority of U.S. Provisional PatentApplication No. 60/314,027, filed on Aug. 21, 2001, and entitled “WebBased Securities Based Issuer Support Services”.

[0002] This application claims the priority of U.S. Provisional PatentApplication No. 60/340,787, filed on Oct. 30, 2001, and entitled “IssuerSupport Services (ISS)”.

BACKGROUND

[0003] This invention relates to issuer support services for financialmarkets. Security markets, such as The Nasdaq Stock Market and The NewYork Stock Exchange, allow securities for an issuer of securities totrade these securities. In the United States, securities markets aregoverned by the Securities and Exchange Commission (SEC). Any companywishing to offer securities on a securities market must adhere to therequirements for that market, as specified by the SEC. Some securitiesmarkets are self-regulating. That is, regulation of such markets is theresponsibility of the markets. Through such regulation, the marketsensure that the companies adhere to state and federal securities lawsand SEC regulations. Additionally, the security markets require theirlisting companies to adhere to market-specified requirements. One waythat the companies listed on a securities market adhere to suchregulation is to provide information to the SEC and the securitiesmarket to show that the companies are in compliance with theserequirements.

SUMMARY

[0004] According to an aspect of this invention, a process, residing ona server, provides issuer support services to a financial market. Acompliance process reviews issue and issuer data and filing andfinancial data, which is received from a first data source and concernsa specific issuer and one or more securities issued by the specificissuer, to determine if the specific issuer is in compliance with thelisting requirements for the market on which the one or more securitiesare traded. The compliance process generates compliance data indicativeof the specific issuer's state of compliance.

[0005] One or more of the following features may also be included. Agraphical user interface allows a user to operate the complianceprocess. A trade process receives, from a second data source, trade dataconcerning the securities issued by the specific issuer. The graphicaluser interface is a web browser. The first data source is a databasemaintained by a governmental regulatory agency, and the second datasource is a trade database for the market on which the one or moresecurities are traded. A database organizes the compliance data, thefiling and financial data, the trade data, and the issue and issuerdata, which are stored on a storage device.

[0006] A tabular presentation process presents to the user a compositereport that includes the compliance data, the filing and financial data,the trade data, and the issue and issuer data. A data management processallows the user to manage at least one of: the issue and issuer datareceived from the first data source; the filing and financial datareceived from the first data source; the trade data received from thesecond data source; and the compliance data generated by the complianceprocess. The compliance process further includes a communication loggingprocess for maintaining a communication log outlining communicationsbetween the user and the specific issuer. A pre-alert process provides alisting qualification analyst with a warning concerning the specificissuer approaching a point of non-compliance with the listingrequirements for the market on which the securities are traded.

[0007] According to a further aspect of this invention, a method forproviding issuer support services to a financial market includesreviewing issue and issuer data and filing and financial data, which isreceived from a first data source and concerns a specific issuer and oneor more securities issued by the specific issuer. A determination ismade concerning whether the specific issuer is in compliance with thelisting requirements for the market on which the one or more securitiesare traded. Compliance data is generated that is indicative of thespecific issuer's state of compliance.

[0008] One or more of the following features may also be included. Tradedata concerning the one or more securities issued by the specific issueris received from a second data source. The compliance data, the filingand financial data, the trade data, and the issue and issuer data areorganized on a storage device. The user is presented with a compositereport that includes the compliance data, the filing and financial data,the trade data, and the issue and issuer data. The user is allowed tomanage at least one of: the issue and issuer data received from thefirst data source; the filing and financial data received from the firstdata source; the trade data received from the second data source; andthe compliance data generated by the method.

[0009] A communication log is maintained that outlines communicationsbetween the user and the specific issuer. A listing qualificationanalyst is provided with a warning concerning the specific issuerapproaching a point of non-compliance with the listing requirements forthe market on which the one or more securities are traded.

[0010] According to a further aspect of this invention, a computerprogram product residing on a computer readable medium has a pluralityof instructions stored on it. When these instructions are executed, theycause the processor to review issue and issuer data and filing andfinancial data, which is received from a first data source and concernsa specific issuer and one or more securities issued by the specificissuer. A determination is made concerning whether the specific issueris in compliance with the listing requirements for the market on whichthe one or more securities are traded. Compliance data is generated thatis indicative of the specific issuer's state of compliance.

[0011] One or more of the following features may also be included. Tradedata is received, from a second data source, concerning the one or moresecurities issued by the specific issuer. The compliance data, thefiling and financial data, the trade data, and the issue and issuer dataare organized on a storage device.

[0012] The user is presented with a composite report that includes thecompliance data, the filing and financial data, the trade data, and theissue and issuer data. The user is allowed to manage at least one of:the issue and issuer data received from the first data source; thefiling and financial data received from the first data source; the tradedata received from the second data source; and the generated compliancedata. A communication log is maintained that outlines communicationsbetween the user and the specific issuer. A listing qualificationanalyst is provided with a warning concerning the specific issuerapproaching a point of non-compliance with the listing requirements forthe market on which the one or more securities are traded.

[0013] One or more advantages can be provided from the above. Theprocess of verifying issue and issuer data, filing and financial data,and trading data can be streamlined. Further, the compliance reviewprocess can be automated. Additionally, by presenting the user with acomposite report that provides a summary for a specific issuer, theefficiency of any manual review and verification process can beimproved. Further, by providing a listing qualification analyst with awarning whenever an issuer is in danger of becoming non-compliant, theramifications associated with non-compliance can possibly be avoided.Additionally, as this process and method is web-based and useablethrough a web-browser, no specialized hardware is required to operatethe system.

[0014] The details of one or more embodiments of the invention are setforth in the accompanying drawings and the description below. Otherfeatures, objects, and advantages of the invention will be apparent fromthe description and drawings, and from the claims.

DESCRIPTION OF DRAWINGS

[0015]FIG. 1 is a block diagram of an issuer support services process;and

[0016]FIG. 2 is a flow chart depicting a method for providing issuersupport services.

DETAILED DESCRIPTION

[0017] Referring to FIG. 1, a process 10 for providing issuer supportservices to a user 12 is shown. Process 10 is typically used by asecurities market 14 (e.g., NYSE™, Nasdaq™, etc.) to receive andorganize filings made by issuers (i.e., companies that offer stock onthat securities market). These filings are made to both the SEC and thesecurities market itself. By monitoring the filings of an issuer, thesecurities market can ensure that the issuer meets the listingrequirements for that market (as specified by the SEC and the securitiesmarket).

[0018] Process 10 resides on storage device 11 of server 16, which isconnected to a distributed computing network 18. Storage device 11 couldbe a hard disk drive, a tape drive, an optical drive, a RAID array, arandom access memory (RAM), or a read only memory (ROM).

[0019] Distributed computing network 18 could be the Internet, anintranet, a local area network or any other form of network environment.Process 10 is accessed via a graphical user interface 20 running on aremote desktop computer 22, which is also connected to network 18. Thegraphical user interface 20 can be a web browser, such as MicrosoftInternet Explorer™ or Netscape Navigator™.

[0020] Process 10 is typically a web-enabled process that is accessiblethrough a web browser. Since web browsers are cross platform compatible,by configuring process 10 so that it is a web-based process, hardwarecompatibility problems of remote desktop computer 22 are reduced. Server16 runs some form of web server software, such as Microsoft InternetInformation Server.

[0021] As required by SEC rules, issuer 24 provides various filings 26to the SEC 28 on a regular basis. Examples of these filings are 10K (forannual filings), 10Q (for quarterly filings), and annual proxy filings.Included in these filings are issue and issuer data, filings andfinancials data, and trading data. The SEC 28 organizes and stores thesefilings 26 on a database 30 (e.g., the EDGAR database). Database 30provides a copy of these filings to securities market 14 via network 18.

[0022] Process 10 includes an issue and issuer process 32 that receives,from database 30, issue and issuer data 34 concerning a specific issuer24 and the securities offered by that issuer. If issuer 24 offers morethan one type of stock (e.g., preferred, common, etc.) that issuer isrequired by the SEC to file information concerning all the types ofsecurities offered by that issuer. Examples of this issue and issuerdata 34 provided by issuer 14 are the issuer's name, the issuer'saddress, the number of board members, the names of the board members,the auditor's name, the number of independent directors on the auditcommittee, date of audit committee written charter, the most recent peerreview opinion (concerning the issuer); and total shares outstanding,and an issue market indicator (concerning the issues).

[0023] Since the issuer 24 provides this information to the SEC,securities market 14 may retrieve this issue and issuer data 34 from theSEC 28 or the SEC may broadcast this data to the securities market 14.Once retrieved (or received) from the SEC, securities market 14 storesthis issue and issuer data 32 on database 35, which is maintained bysecurities market 14 and resides on storage device 11. Typically, eachtime a document or group of documents (i.e., issue and issuer data 34)is received by issue and issuer process 32, a unique DCN (documentcontrol number) is assigned to that document so that it can be tracked,organized, and retrieved.

[0024] Issue and issuer process 32 includes a data management process 36that allows user 12 to manage the issue and issuer data 34 stored ondatabase 35. Therefore, user 12 can manually inspect the data 34obtained from the SEC to see if any of the information is incorrect ormissing. Additionally, user 12 can supplement the issue and issuer data34 stored on storage device 11.

[0025] User 12 typically establishes a qualification profile (not shown)for each issuer, such that this qualification profile specifies thelisting qualification analyst assigned to that particular issuer. Whenissue and issuer data 34 is received by issue and issuer process 32,that issuer's issuer qualification profile is accessed to determine thelisting qualification analyst assigned to that issuer. Once determined,notification process 37 notifies the listing analyst of the receipt ofthat issue and issuer data 34.

[0026] Process 10 further includes a filing and financial process 38that receives, from database 30, filing and financial data 40 concerninga specific issuer 24. Examples of this filings and financial data 40 aretotal assets, total liabilities, total equity, and net tangible assets(for balance sheet items); and year-to-date total revenue, year-to-datenet income, and earnings before interest and taxes (for income statementitems). Again, as the issuer 24 provides this information to the SEC,securities market 14 may retrieve the filings and financial data 40 fromthe SEC 28 or the SEC may broadcast the data to the securities market14. Filing and financial data 40 is also stored on database 35

[0027] Filing and financial process 38 also includes a data managementprocess 42 that allows user 12 to manage the filing and financial data40 stored on database 35. As above, the user 12 can manually inspect thedata 40 obtained from the SEC to see if any of the information isincorrect or missing. Typically, each time a document or group ofdocuments (i.e., filings and financial data 40) is received by filingand financial process 38, a unique DCN (document control number) isassigned to that document so that it can be tracked, organized, andretrieved. When filing and financial data 40 (concerning an issuer) isreceived by filing and financial process 38, that issuer's issuerqualification profile is accessed to determine the listing qualificationanalyst assigned to that issuer. Once determined, notification process37 notifies the listing analyst of the receipt of that filing andfinancial data 40.

[0028] Additionally, filing and financial process 38 includes a manualverification process 44 so that the assigned listing qualificationanalyst can review and confirm each piece of filing and financial data40 stored on database 35.

[0029] A compliance process 46 processes the issue and issuer data 34and the filing and financial data 40 stored on database 35 to determineif the specific issuer 24 is in compliance with the listing requirementsfor the market on which the securities offered by that issuer 24 arelisted. These listing requirements include both the requirementsspecified by the stock market on which the issue is traded (e.g., marketcapitalization requirements), and the requirements promulgated by theSecurities and Exchange Commission (e.g., timely filing of financialdisclosure statement with the SEC). This compliance process 46 may bemanually run or configured to run at user-defined intervals or times.These intervals or times can be defined by user 12 via graphical userinterface 20. For example, it may be desirable to have complianceprocess 46 run in the middle of the night when trading activity isgreatly reduced.

[0030] The specific listing requirements vary depending on the market onwhich the securities are traded. For example, for The Nasdaq StockMarket, the listing requirements are as follows: Initial ListingContinued Listing Requirements Standard 1 Standard 2 Standard 3 Standard1 Standard 2 Stockholders' Equity $15,000,000 $30,000,000 n/a$10,000,000 n/a Market Capitalization n/a n/a     $75,000,000 or n/a    $50,000,000 or Total Assets     $75,000,000 or     $50,000,000 orTotal Revenue $75,000,000 $50,000,000 Pre-tax income  $1,000,000 n/a n/an/a n/a Public Float (in shares)  1,100,000  1,100,000  1,100,000   750,000  1,100,000 Operating History n/a 2 years n/a n/a n/a MarketValue of Public Float  $8,000,000 $18,000,000 $20,000,000  $5,000,000$15,000,000 Minimum Bid Price       $5       $5       $5       $1      $3 Shareholders      400      400      400      400      400Market Makers       3       3       4       2       4 CoporateGovernance Yes Yes Yes Yes Yes

[0031] For small capitalization stocks on The Nasdaq Stock Market, thelisting requirements are as follows: Requirements Initial ListingContinued Listing Stockholders' Equity $5,000,000 or $2,500,000 orMarket Capitalization $50,000,000 or  $35,000,000 or  Net Income$750,000   $500,000   Public Float (in shares) 1,000,000     500,000Market Value of Public Float $5,000,000     $1,000,000     Minimum BidPrice     $4     $1 Shareholders     300 300 Operating History 1 Yearn/a Corporate Governance Yes Yes

[0032] Compliance process 46 generates compliance data 48 that isindicative of the state of compliance of the issuer 24. This compliancedata 48, which can be in the form of a report that is provided to theuser 12 of compliance process 44, is stored on database 35.

[0033] Let's assume that a security (e.g., XYZ Corp.) is listed on TheNasdaq Stock Market (Standard 2) and it is a continued listing. If thetrading price for the security is $45 per share and there are 1,000,000outstanding shares, the market capitalization is $45,000,000. Therefore,since The Nasdaq Stock Market (Standard 2) has a minimum marketcapitalization of $50,000,000, this compliance data (probably in theform of a printed or screen-based report) would indicate that thisparticular security does not comply with the listing requirements forStandard 2. If this occurs, this specific security may be delisted orswitch over to a market that has a lower market capitalizationrequirement.

[0034] Compliance process 46 also includes a data management process 50that allows user 12 to manage the compliance data 48 stored on database35. As above, the user 12 can manually inspect this compliance data 48to see if any of the information is incorrect.

[0035] Compliance process 46 also includes a pre-alert process 51 forproviding a warning concerning an issuer approaching a point ofnon-compliance. Pre-alert process 51 monitors numeric compliancerequirements (e.g., market capitalization, public float, stockholder'sequity, etc.) and compares these values to the actual values of theissuer to determine if the issuer is approaching non-compliance. Thepoint at which the warning is provided is typically a percentage of therequired value, which is configurable by the administrator (not shown)of system 10. Continuing with the above-stated example, assume shares ofXYZ Corp. are trading for $55.00 per share. With 1,000,000 sharesoutstanding, the market capitalization value of XYZ Corp. is$55,000,000, thus meeting the listing requirements for Standard 2.Assume that the administrator of system 10 configures pre-alert process51 so that a warning is provided when the value of the compliancerequirement being monitored is within 5% of being non-compliant.Therefore, the warning threshold would be 105% of the required value,namely 105% of $50,000,000 or $52,500,000. If during the trading day,the value of a share of XYZ Corp. drops to $51.00, the marketcapitalization for the company falls to $51,000,000. Accordingly, XYZCorp is below the $52,500,000 threshold and pre-alert process 51 wouldgenerate a warning that is sent (via notification process 37) to thelisting qualification analyst assigned to that particular issuer. Atthis point, some remedial action may be taken to prevent the securityfrom falling below the $50,000,000 market capitalization requirement.

[0036] Since the ramifications of a specific security not meeting thelisting requirements for a particular market might be quite severe, ahearing process 52 for reviewing the compliance data 48 and addressingany non-compliance concerns with the issuer of that particular issue isprovided. Typically, this hearing process 52 is a manual process, inthat the issuer will be contacted and informed of their non-compliance.A hearing will be scheduled in which representatives of the issuer 24will meet with representatives of the securities market 14 so that thenon-compliance concerns can be addressed so that either a plan can beestablished to get the issuer in compliance or trade the securities on adifferent market.

[0037] During this hearing process, a considerable number ofcommunications will be made between the issuer 24 and the securitiesmarket 14. A communication logging process 54 maintains a communicationlog (not shown) that outlines and itemizes communications between theissuer 24 and securities market, or any other pertinent parties.

[0038] A trade process 56 receives trading data 60, concerning thesecurities offered by issuer 24, from a trading database 58 maintainedby securities market 14. Examples of this trading data 60 includes tradevolume, trade prices, and quotations. This data is typically categorizedor summarized by reporting brokerage firm. This trading data 60 is alsostored on database 35 for later retrieval and use.

[0039] A tabular presentation process 62 generates and provides user 12with a composite report 64 that includes the issue and issuer data 34,the filing and financial data 40, the compliance data 48, and the tradedata 56. Report 64 can be presented to user 12 in the form of a printedreport or an on-screen report viewable via graphical user interface 20.

[0040] Referring to FIG. 2, a method 100 for providing issuer supportservices to a financial market includes reviewing 102 issue and issuerdata and filing and financial data, which is received from a first datasource and concerns a specific issuer and one or more securities issuedby the specific issuer. A determination 104 is made concerning whetherthe specific issuer is in compliance with the listing requirements forthe market on which the one or more securities are traded. Compliancedata is generated 106 that is indicative of the specific issuer's stateof compliance.

[0041] Trade data concerning the one or more securities issued by thespecific issuer is received 108 from a second data source. Thecompliance data, the filing and financial data, the trade data, and theissue and issuer data are organized 110 on a storage device. The user ispresented 112 with a composite report that includes the compliance data,the filing and financial data, the trade data, and the issue and issuerdata. The user is allowed 114 to manage at least one of: the issue andissuer data received from the first data source; the filing andfinancial data received from the first data source; the trade datareceived from the second data source; and the compliance data generatedby the method.

[0042] A communication log is maintained 116 that outlinescommunications between the user and the specific issuer. A listingqualification analyst is provided 118 with a warning concerning thespecific issuer approaching a point of non-compliance with the listingrequirements for the market on which the one or more securities aretraded.

[0043] A number of embodiments of the invention have been described.Nevertheless, it will be understood that various modifications may bemade without departing from the spirit and scope of the invention.Accordingly, other embodiments are within the scope of the followingclaims.

[0044]

What is claimed is:
 1. A process, residing on a server, for providingissuer support services to a financial market, comprising: a complianceprocess for reviewing issue and issuer data and filing and financialdata, received from a first data source and concerning a specific issuerand one or more securities issued by the specific issuer, to determineif the specific issuer is in compliance with the listing requirementsfor the market on which the one or more securities are traded, whereinthe compliance process generates compliance data indicative of thespecific issuer's state of compliance; and a graphical user interfacefor allowing a user to operate the compliance process.
 2. The process ofclaim 1 further comprising a trade process for receiving, from a seconddata source, trade data concerning the one or more securities issued bythe specific issuer.
 3. The process of claim 1 wherein the graphicaluser interface is a web browser.
 4. The process of claim 1 wherein thefirst data source is a database maintained by a governmental regulatoryagency.
 5. The process of claim 2 wherein the second data source is atrade database for the market on which the one or more securities aretraded.
 6. The process of claim 2 further comprising a database fororganizing the compliance data, the filing and financial data, the tradedata, and the issue and issuer data, which are stored on a storagedevice.
 7. The process of claim 2 further comprising a tabularpresentation process for presenting to the user a composite report thatincludes the compliance data, the filing and financial data, the tradedata, and the issue and issuer data.
 8. The process of claim 2 furthercomprising a data management process for allowing the user to manage atleast one of: the issue and issuer data received from the first datasource; the filing and financial data received from the first datasource; the trade data received from the second data source; and thecompliance data generated by the compliance process.
 9. The process ofclaim 1 wherein the compliance process further includes a communicationlogging process for maintaining a communication log outliningcommunications between the user and the specific issuer.
 10. The processof claim 1 further comprising a pre-alert process for providing alisting qualification analyst with a warning concerning the specificissuer approaching a point of non-compliance with the listingrequirements for the market on which the one or more securities aretraded.
 11. A process, residing on a server, for providing issuersupport services to a financial market, comprising: a compliance processfor reviewing issue and issuer data and filing and financial data,received from a first data source and concerning a specific issuer andone or more securities issued by the specific issuer, to determine ifthe specific issuer is in compliance with the listing requirements forthe market on which the one or more securities are traded, wherein thecompliance process generates compliance data indicative of the specificissuer's state of compliance; and a tabular presentation process forpresenting to a user a composite report that includes the compliancedata, the filing and financial data, and the issue and issuer data. 12.The process of claim 11 further comprising a trade process forreceiving, from a second data source, trade data concerning the one ormore securities issued by the specific issuer.
 13. The process of claim12 further comprising a graphical user interface for allowing the userto operate the compliance process and the trade process.
 14. The processof claim 13 wherein the graphical user interface is a web browser. 15.The process of claim 12 further comprising a data management process forallowing the user to manage at least one of: the issue and issuer datareceived from the first data source; the filing and financial datareceived from the first data source; the trade data received from thesecond data source; and the compliance data generated by the complianceprocess.
 16. The process of claim 11 wherein the compliance processfurther includes a communication logging process for maintaining acommunication log outlining communications between the user and thespecific issuer.
 17. The process of claim 11 further comprising apre-alert process for providing a listing qualification analyst with awarning concerning the specific issuer approaching a point ofnon-compliance with the listing requirements for the market on which theone or more securities are traded.
 18. A process, residing on a server,for providing issuer support services to a financial market, comprising:a compliance process for reviewing issue and issuer data and filing andfinancial data, received from a first data source and concerning aspecific issuer and one or more securities issued by the specificissuer, to determine if the specific issuer is in compliance with thelisting requirements for the market on which the one or more securitiesare traded, wherein the compliance process generates compliance dataindicative of the specific issuer's state of compliance; and a pre-alertprocess for providing a listing qualification analyst with a warningconcerning the specific issuer approaching a point of non-compliancewith the listing requirements for the market on which the one or moresecurities are traded.
 19. The process of claim 18 further comprising atrade process for receiving, from a second data source, trade dataconcerning the one or more securities issued by the specific issuer. 20.The process of claim 19 further comprising a tabular presentationprocess for presenting to the user a composite report that includes thecompliance data, the filing and financial data, the trade data, and theissue and issuer data.
 21. The process of claim 19 further comprising agraphical user interface for allowing the user to operate the complianceprocess and the trade process.
 22. The process of claim 19 furthercomprising a data management process for allowing the user to manage atleast one of: the issue and issuer data received from the first datasource; the filing and financial data received from the first datasource; the trade data received from the second data source; and thecompliance data generated by the compliance process.
 23. A method forproviding issuer support services to a financial market, comprising:reviewing issue and issuer data and filing and financial data, receivedfrom a first data source, concerning a specific issuer and one or moresecurities issued by the specific issuer; determining if the specificissuer is in compliance with the listing requirements for the market onwhich the one or more securities are traded; and generating compliancedata that is indicative of the specific issuer's state of compliance.24. The method of claim 23 further comprising receiving, from a seconddata source, trade data concerning the one or more securities issued bythe specific issuer.
 25. The method of claim 24 further comprisingorganizing the compliance data, the filing and financial data, the tradedata, and the issue and issuer data stored on a storage device.
 26. Themethod of claim 24 further comprising presenting to the user a compositereport that includes the compliance data, the filing and financial data,the trade data, and the issue and issuer data.
 27. The method of claim24 further comprising allowing the user to manage at least one of: theissue and issuer data received from the first data source; the filingand financial data received from the first data source; the trade datareceived from the second data source; and the compliance data generatedby the method.
 28. The method of claim 23 further comprising maintaininga communication log outlining communications between the user and thespecific issuer.
 29. The method of claim 23 further comprising providinga listing qualification analyst with a warning concerning the specificissuer approaching a point of non-compliance with the listingrequirements for the market on which the one or more securities aretraded.
 30. A computer program product residing on a computer readablemedium having a plurality of instructions stored thereon that, whenexecuted by the processor, cause the processor to: review issue andissuer data and filing and financial data, received from a first datasource, concerning a specific issuer and one or more securities issuedby the specific issuer; determine if the specific issuer is incompliance with the listing requirements for the market on which the oneor more securities are traded; and generate compliance data indicativeof the specific issuer's state of compliance.
 31. The computer programproduct of claim 30 further comprising instructions to receive, from asecond data source, trade data concerning the one or more securitiesissued by the specific issuer.
 32. The computer program product of claim31 further comprising instructions to organize the compliance data, thefiling and financial data, the trade data, and the issue and issuer dataon a storage device.
 33. The computer program product of claim 31further comprising instructions to present to the user a compositereport that includes the compliance data, the filing and financial data,the trade data, and the issue and issuer data.
 34. The computer programproduct of claim 31 further comprising instructions to allow the user tomanage at least one of: the issue and issuer data received from thefirst data source; the filing and financial data received from the firstdata source; the trade data received from the second data source; andthe generated compliance data.
 35. The computer program product of claim30 further comprising instructions to maintain a communication logoutlining communications between the user and the specific issuer. 36.The computer program product of claim 30 further comprising instructionsto provide a listing qualification analyst with a warning concerning thespecific issuer approaching a point of non-compliance with the listingrequirements for the market on which the one or more securities aretraded.
 37. A process, residing on a server, for providing issuersupport services to a financial market, comprising: a compliance processfor reviewing issue and issuer data and filing and financial dataconcerning a specific issuer and one or more securities issued by thespecific issuer, to determine if the specific issuer is in compliancewith the listing requirements for the market on which the one or moresecurities are traded, wherein the compliance process generatescompliance data indicative of the specific issuer's state of compliance.